Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Apparel and Footwear in Greece

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Executive Summary

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Another difficult year for apparel and footwear as the recession continues

The Greek economy remained under significant pressure in 2017. The dramatic depreciation that followed the outbreak of the Greek crisis, drastically reducing consumer incomes and subsequently the sales growth of apparel and footwear, has slowed.

Demand for casualwear and sportswear continues to drive growth

Over the review period and in the midst of the ongoing financial turmoil in the country, a shift away from expensive apparel and footwear towards more affordable casual clothing was observed, with fashion trends and consumers favouring simple, comfortable and versatile products which can be worn throughout the day and be easily combined. In line with this, categories such as tops, economy jeans and leggings registered the strongest performances in 2017, while suits and super premium jeans recorded the steepest declines.

Fast fashion and sports brands are the big winners

Since the beginning of the recession in 2009 Greece has suffered from ongoing socio-political and economic upheaval, which has forced consumers to turn to the most economical solutions when it comes to the purchase of apparel and footwear. This has favoured large multinational chains such as the brands of Inditex and H&M, which benefit from their competitive prices.

Internet retailing is gaining momentum

Although still lagging behind the Western European average, online retailing in Greece is constantly growing as Greeks, especially younger generations, are becoming more familiar with internet shopping and are gradually overcoming their fears regarding online fraud. This is also evident in apparel and footwear.

No significant recovery anticipated amidst the ongoing recession

The apparel and footwear market in Greece has shrunk significantly after several years of recession, with its prospects over the forecast period also being highly dependent on the future outlook of the Greek economy. Although no further steep declines are anticipated, a recovery is not expected either.

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